Dismissing the appeal of the revenue the Court held that Provision introduced with effect from 1-4-2014 for deeming consideration received on sale of goods/assets on basis of stamp duty valuation would be applicable prospectively. (AY. 2005-06)
PCIT v. Swananda Properties (P.) Ltd. (2019) 267 Taxman 429 (Bom.)(HC)
S. 43CA : Transfer of assets-other than capital assets-Full value of consideration-stock in trade-Agreement value–Stamp valuation-Provision introduced with effect from 1-4-2014 for deeming consideration received on sale of goods/assets on basis of stamp duty valuation would be applicable prospectively-Rejection of books of account is held to be not justified. [S.50C, 145]